Advisor negligence includes everything from advisors failing to know their clients’ needs and providing unsuitable recommendations to unauthorized trading or misleading a client with false information.

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Investment industry regulators are focusing too much on trying to protect investors from fraudsters and not enough on shielding them from the more widespread problem of financial advisor negligence.

That’s the message from outspoken investor advocate Harold Geller, a lawyer at MBC Law Professional Corp. in Ottawa whose firm handles negligence and fraud cases.

“There is a very significant warning to consumers about investment scams and fraud, but there is almost no warning about how investors should protect themselves from the much more common issue of negligence and other regulatory abuses,” he says.

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